Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

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In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

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We store and use information you provide as follows:

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We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email in the first instance.

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Aviva PLC (AV.)

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Monday 16 August, 2010

Aviva PLC

Statement re. Press Comment

RNS Number : 1093R
Aviva PLC
16 August 2010

Comment Regarding Press Speculation


The Board of Aviva notes recent press speculation and confirms that on Wednesday 28th July 2010 it received a conditional proposal from RSA to acquire Aviva's general insurance businesses in the UK, Ireland and Canada excluding RAC and Health (the "GI Business") for a cash consideration of £5bn funded entirely from a rights issue by RSA. The proposal would have left the pension liabilities of the GI Business with Aviva as well as the general insurance businesses in the Netherlands, France, Italy, Poland, Turkey and Singapore.


The Board of Aviva considered the proposal carefully in conjunction with its advisers and is convinced that the highest value to shareholders will be delivered by retaining these businesses within the group. In considering RSA's proposal, the Board of Aviva had particular regard to the following:


 .          As part of its normal planning process the Board, supported by external advisers, recently completed a strategic review and concluded that having both Life and Non-Life businesses delivers significant capital and earnings benefits and that there are further synergies to be realised over the short to medium term.


 .          Aviva is the leading general insurance business in the UK and Ireland, and the number 2 player in Canada, and should be valued accordingly.


 .          The general insurance market is presently at a cyclical low. Accordingly, the current business performance does not reflect its full earnings potential. For example, Aviva's general insurance businesses in aggregate made operating profits of £1.0bn in 2009 compared to £1.7bn in 2006.


 -          The group's recent 2010 first half results demonstrated the significant momentum delivered by management's actions, with a material improvement in current year profitability, ahead of the market recovery occurring.


.           There are significant synergies for Aviva derived from the composite model in terms of a single global brand, cross-selling opportunities and shared back office services.


 .          The combination of the Life and Non-Life businesses allows Aviva to operate with substantially less capital than the two businesses would do on a stand-alone basis, which is likely to be further reinforced under the Solvency II proposals.


 .          The GI Business is highly cash generative which supports growth in the franchise alongside a healthy and increasing dividend for shareholders.


Accordingly, the Board of Aviva decided unanimously that RSA's proposal was unacceptable and not in the best interests of Aviva shareholders. This was communicated to the Chairman of RSA on Friday 6th August 2010.


Commenting on the proposal, Lord Sharman, Chairman of Aviva said: "The Aviva Board considered RSA's proposal carefully with a clear focus on maximising value for Aviva shareholders. Given the compelling strategic and financial benefits to Aviva shareholders of retaining the GI Business, its upside potential and the terms offered by RSA, the Board was unanimous in rejecting this proposal."


Andrew Moss, Group Chief Executive of Aviva, added: "The progress we're making in reshaping and transforming Aviva was evident in the 21% increase to £1.27 billion of operating profits at our interim results and we firmly believe this strategy will continue to deliver superior value for our shareholders."


-     Ends -



Investor relations    

Charles Barrows                                                                      +44 (0) 20 7662 8115


Media relations                    

Nigel Prideaux, Aviva plc                                                          +44 (0) 20 7662 0215

 Sue Winston, Aviva plc                                                           +44 (0) 20 7662 8221

 Andrew Reid, Aviva plc                                                           +44 (0) 20 7662 3131


Conor McClafferty and James Murgatroyd, Finsbury               +44 (0) 20 7251 3801




This information is provided by RNS
The company news service from the London Stock Exchange